A large portion of July’s gain in housing construction came from the multifamily sector. A rolling 12-month total of multifamily starts with no seasonal adjustment shows that construction for the year ended July 31 reached its highest level since 1989, based on Commerce Department data. Diane Swonk, chief economist of Mesirow Financial, notes that substantial gains in apartment starts are less bullish for economic growth than a comparable increase in single-family construction.